Cannabis Banking Surges as Federal Reform Looms

Safe Harbor Financial reports 29% increase in average deposit balances amid speculation around upcoming cannabis rescheduling

Published on Mar. 5, 2026

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In the latest episode of Trade To Black, host Shadd Dales interviews Safe Harbor Financial CEO Terry Mendez about the surge in cannabis banking activity, particularly in emerging U.S. markets like New York, New Jersey, Connecticut, and Florida. The discussion also covers the Supreme Court's skepticism over the federal government's defense of banning marijuana users from owning firearms, as well as MariMed's debt restructuring and the rapid growth of the psychedelics microdosing market.

Why it matters

The growth in cannabis banking and the potential for federal rescheduling of marijuana signify the maturing of the industry and increasing acceptance of cannabis. This has wide-ranging implications, from public safety and criminal justice reform to new business opportunities and investment prospects.

The details

Safe Harbor Financial, one of the few cannabis-adjacent companies trading on the NASDAQ, reported a 29% year-over-year increase in average deposit balances, with emerging markets now accounting for 31% of total deposits. The company has also expanded its lending capabilities, offering startup loans as small as $5,000 and deals as large as $20 million. Meanwhile, the Supreme Court appeared skeptical of the federal government's defense of banning marijuana users from owning firearms, especially as cannabis reform and rescheduling are on the horizon. Additionally, MariMed Inc. restructured its balance sheet by extending maturities by more than four years, and a report found that nearly 10 million American adults are now microdosing psychedelics.

  • On March 5, 2026, the latest episode of Trade To Black was published.
  • In the second segment, the Supreme Court oral arguments on cannabis scheduling took place on Monday.

The players

Shadd Dales

The founder and president of The Dales Report, Shadd Dales has an extensive background in the business media industry, including roles with BNN Bloomberg, CTV Properties, and the iHeart Radio Network. He is considered one of the leading on-air talents in the cannabis and psychedelics space.

Terry Mendez

The CEO of Safe Harbor Financial, a cannabis-adjacent company trading on the NASDAQ. Safe Harbor reported a 29% year-over-year increase in average deposit balances across emerging U.S. markets.

Safe Harbor Financial

A NASDAQ-listed company that provides banking and financial services to the cannabis industry, including lending capabilities ranging from $5,000 startup loans to $20 million deals.

MariMed Inc.

A cannabis company that recently restructured its balance sheet by extending maturities by more than four years, shoring up its financial position ahead of potential federal cannabis reform.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.